Managing Irregular And Unexpected Income And Expenses

Definition

Managing Irregular And Unexpected Income And Expenses. In the context of the Financial Competence Framework, Managing Irregular And Unexpected Income And Expenses is a topic in the Planning And Managing Finances subject matter domain.

Competences

Mastering the role of Managing Irregular And Unexpected Income And Expenses in financial literacy context requires the following competences:

Code	Competency Description	Competency Type
139	Understands that different life stages and particular personal or household events may affect income and expenditure	Knowledge
140	Understands the importance of actively planning for occasional irregular expenses	Knowledge
141	Understands the possible options for paying unexpected expenses	Knowledge
142	Knows how much money would be needed to cover expenses in the event of a loss of income	Knowledge
143	Seeks ways of adjusting income or expenditure as necessary, taking into account occasional expenses and possible income fluctuations	Skill
144	Can identify and choose the best option for paying unexpected expenses	Skill
145	Makes informed decisions about the use of exceptional income and assets received such as gifts, prizes or inheritance	Skill